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June 22, 2021
STOCKS – GS, UPS, FDX, FCX
MACRO – SPY,
Mike’s Reading The Markets (RTM) Premium Content – FREE 2-WEEK TRIAL
- RTM Morning – Turnaround Tuesday?
- RTM Morning Note- Expect Volatility To Pick Up
- RTM Short-Term Trade Idea- Micron
- Tactical Update – Everything May Have Just Changed
- Live Session Starts At 1 PM Sharp
- RTM – LET’S GET READY, RUMBLE
- RTM – Reflation Trade To Come Under Pressure After FOMC
- The Live Session Will Be On June 18 At 1pm
- RTM- Rates Are Unlikely To Rise, Thanks To The ECB
Stocks rallied today, with the S&P 500 up by 50 bps, taking the index back to where it was before the Fed. Overall, nothing has really changed, it just seems like moves from last week were sudden and violent, and for the most part, the market seems to be reverting to some degree. Can it continue to push higher, I suppose, as long as the reflation assets can rebound further. However, I’m not sure how much further they can rise because bonds and many spreads are still weak.
S&P 500 (SPY)
The S&P 500 futures may have completed a wave B today, which means that we will likely see a reversion lower the rest of the week back towards Friday’s close.
Goldman (GS)
Goldman has not rebounded along with the broader S&P 500 index. The stock has done nothing and remains in a downward trend. Maybe the reflation trade for the banks is over; it sure seems that way. It certainly would make sense if that were the case. The region around $350 appears to be really important, and if it breaks, Goldman’s stock has quite the distance to drop.
Freeport (FCX)
Freeport has been on the rebound from last week’s pounding. As a result, the stock probably has a good chance to rise back to resistance at $36.50.
UPS (UPS)
UPS can still rise a little bit more; maybe it gets back to $210.
FedEx (FDX)
FedEx got back to its 50-day moving average, and that is where it stopped. The 50-day is a big resistance area for now, so any hopes for a further advance will weigh on that moving average.
Mike
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.
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